H & M: FV increased to SEK230 but Sell maintained

SELL, Fair Value SEK 230 vs. SEK 225 (-3%)

News published on January Thursday 31, 2013
Share on

Following the publication of Q4 12 results yesterday, we maintain our EBIT estimates unchanged but increase our 2013-15e EPS estimates by 2% as a result of a lower tax rate. As a result, our Fair Value is increased to SEK230 vs. SEK225. We do not change our Sell rating as: 1). Profitability in 2013 should continue to be impacted by long-term investments; and 2). The valuation is not compelling at 21.3x PE13e and 18.8x PE14e.

Full report available to subscribers
Please contact marketing@bryangarnier.fr

The Essentials

Everything you need to know about investment banking dedicated to growth
Recent Transactions Highlights
From M&A, to IPOs see what’s been happening at Bryan, Garnier & Co this year
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities